"The sale brought in £130.6 million ($175 million) across 54 lots, and auctioneer Oliver Barker was given a white glove at the end, indicating that all the lots had sold—although one work, a 2004 painting by Robert Ryman, was withdrawn before the event started."
"It was a boost for the London market, where major auctions have been consistently downsized over the last few years, due to Brexit-born bureaucracy and rising taxes, as well as the global art market contraction. But things are looking up: The auction brought in 108.6 percent more than the same sale last year and had 31 percent more lots on offer."
"If you think back to last March, or even last June, around half the lots were going for half price. Works still need to be fairly 'commercial' to move in the current market. Intellectual, spare works are harder to sell, even if they are Fontanas."
Sotheby's Modern and contemporary evening sale in London generated £130.6 million across 54 lots, with all works selling despite one withdrawal. The sale represented significant growth, bringing in 108.6 percent more revenue than the previous year with 31 percent additional lots. Approximately half the sale was guaranteed by value. Performance varied across works: roughly half sold within estimate, 27 below low estimate, and 11 exceeded high estimate. Market conditions favor commercially appealing works, while more intellectual or subdued pieces struggle despite fair pricing. The strong results reflect recovery in London's auction market following years of contraction caused by Brexit complications, increased taxes, and global market challenges.
#art-market-recovery #london-auctions #contemporary-art-sales #market-pricing-dynamics #brexit-impact-on-art-market
Read at Artnet News
Unable to calculate read time
Collection
[
|
...
]